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Tags: Entrepreneur

Propane production consistently exceeding 2 million bpd

Propane production consistently exceeding 2 million bpd

Throughout the summer, we monitor inventory builds very carefully and provide data and analysis in our daily reports. By this time of year, we usually start monitoring heating degree-days and only report on the inventory data when the Weekly Petroleum Status Report from the Energy Information Administration is released. We typically make the switch when… READ MORE

OPEC Caps Nigeria’s Oil Output At 1.8m bpd

OPEC Caps Nigeria’s Oil Output At 1.8m bpd

The Organization of Petroleum Exporting Countries (OPEC) yesterday approved the capping of Nigerian oil production at 1.8 million barrel per day (bpd). Accordingly, OPEC called on several members to boost compliance with production cuts to help clear excessive global stocks and support flagging prices. A ministerial committee of OPEC and non-OPEC known as the Joint… READ MORE

Uncertainty lingers over planned oil exploration in Chad Basin

Uncertainty lingers over planned oil exploration in Chad Basin

Few days to the deadline set by the Nigerian National Petroleum Corporation (NNPC) to resume oil exploration in Borno state, indications have emerged that the planned exercise may not take place soon, Leadership reports. None of the sophisticated equipment for the operation has been moved to the site earmarked for the commencement of the exercise… READ MORE

Nigerian crude oil exports threaten market balance

Nigerian crude oil exports threaten market balance

Oil export operations in Nigeria are back in service following repairs, a division of Royal Dutch Shell said, adding to lingering supply-side concerns. A spokesperson for the Shell Petroleum Development Company of Nigeria Ltd said the company lifted force majeure, a contractual condition related to circumstances beyond the control of the parties involved, for exports… READ MORE

OPEC Production Spikes – Has The Cheating Begun?

OPEC Production Spikes – Has The Cheating Begun?

OPEC’s crude oil production increased by 270,000 bpd in May over April, to stand at 32.12 million bpd–the highest level since January this year–as exempt Libya and Nigeria saw their respective output sharply recovering, according to an S&P Global Platts survey. Despite the high compliance from the cartel’s biggest producer and de facto leader Saudi… READ MORE